AUDUSD is in a bearish trend, and therefore I am looking for short opportunities.
I've predicted a killzone or a potential reversal zone indicated by the blue square.
We have an AB=CD pattern completing in that zone, and we also have a confluense of 1.414 (minor) fib extension measured from my A-B of the AB=CD pattern, and a 0.618 retracement measured from the previous move down and into my A point. I also had some more confluences in this level, but I deleted them to not clutter up the chart too much.
Last, but not least, we have structure at the bottom of the square.
I'll be keeping an eye on this zone if price reaches it looking for bearish opportunities. Hoping to catch a move further down in alignment with the overall trend.
Be aware, though. FOMC today.
And as always; Always conduct your own analysis before placing a trade.
I've predicted a killzone or a potential reversal zone indicated by the blue square.
We have an AB=CD pattern completing in that zone, and we also have a confluense of 1.414 (minor) fib extension measured from my A-B of the AB=CD pattern, and a 0.618 retracement measured from the previous move down and into my A point. I also had some more confluences in this level, but I deleted them to not clutter up the chart too much.
Last, but not least, we have structure at the bottom of the square.
I'll be keeping an eye on this zone if price reaches it looking for bearish opportunities. Hoping to catch a move further down in alignment with the overall trend.
Be aware, though. FOMC today.
And as always; Always conduct your own analysis before placing a trade.
Trade active
Entered on Doji.Trade closed: stop reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.